A soothing ointment or cream that heals or comforts skin, or anything that brings relief or comfort.
From Old French 'basme', ultimately from Greek 'balsamum', which came from a Middle Eastern language referring to an aromatic resin. The metaphorical meaning of 'emotional comfort' developed in the 1500s.
The word 'balm' appears in Shakespeare and the Bible as precious medicine—balm of Gilead was so valuable that merchants would travel for months to get it. Today we use it for everything from lip balm to describing a comforting conversation as 'balm for the soul.'
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